The Globe and Mail reports in its Thursday, May 4, edition that BMO Nesbitt Burns analyst Stephen MacLeod has lowered his recommendation for Aritzia to "market perform" from "outperform." The Globe's David Leeder writes in the Eye On Equities column that Mr. MacLeod's share target fell by $10 to $50. Analysts on average target the shares at $55. Mr. MacLeod says in a note: "While we continue to appreciate Aritzia's unique market positioning and U.S. growth opportunity, the unexpected shift to a period of infrastructure investment is expected to weigh on F2024E EBITDA (we have reduced our F2024E estimate by 26 per cent), with margins only returning to F2023A levels by F2025. Combined with moderating sales growth (F202 estimate up 10 to 14 per cent vs. up 47 per cent in F2023) and an uncertain macro backdrop, we see balanced risk-reward with the stock trading at a premium to historical levels." The Globe reported on Oct. 31 that Stifel analyst Martin Landry rated Aritzia "buy" with a $59 share target. It was then worth $52.84. The Globe reported on Dec. 7 that Canaccord Genuity analysts Derek Dley and Luke Hannan had called Aritzia a "top pick." The shares could then be had for $49.34.